Regulation
Post magazine – 4 July 2013
The latest issue of Post magazine is now available to subscribers as a digital and interactive e-book.
Phones 4 U insurance administrator PAS fined £2.8m by regulator
The Financial Conduct Authority has fined Phones 4 U’s insurance administrator Policy Administration Services £2.83m for poor complaints handling.
Courts take tough stance on deadlines post-Jackson
Claimants have been warned that an entire defence or claim could be struck out due to the failure to meet court deadlines after two recent High Court decisions reiterated a lack of procedural compliance will no longer be tolerated.
Insurers welcome Flood Re but call for clarity over liability
Insurers’ agreement to the terms of the Statement of Principles for another two years will provide the Association of British Insurers and government enough time to resolve outstanding issues around the implementation of Flood Re, according to the trade…
Law Society’s motive behind new PI scheme called into question
Brokers doubtful scheme will mitigate threat posed by unrated insurers.
China’s insurance industry needs reform, says regulator
China’s insurance industry would benefit from reforms which could see the rate of growth increase, the head of the China Regulatory Commission has said.
Expertise in Action: Professionalism: Pros & Cons
Qualifications aren’t the be-all and end-all when it comes to professionalism – training, working together and sharing knowledge across the industry are equally important.
View from the Top: Do not adjust your sets
So here we go again. Nine months after offering renewal to 1300 UK law firms – and less than two years after they entered the market – an unrated insurer, with a ‘passport’ into the UK insurance market, has been forced to cease trading having been…
SME customers focus of FCA review
A Financial Conduct Authority review of broker conflicts of interest will focus on SME and micro-business customers, it was announced today.
Add-ons: Into the mist
The Financial Conduct Authority’s investigation into add-ons threatens to create fault lines between the industry and the public. Is the sector’s house in order or is a clean up needed?
FCA to investigate broker conflicts of interest
The Financial Conduct Authority is launching a thematic review into broker conflicts of interest.
Tribunal upholds FCA ban and £150 000 fine on broker Jeffery Flanders
The Upper Tribunal has upheld the decision of the Financial Conduct Authority to ban Andrew Jeffery, director of Jeffery Flanders (Consulting), and fine him £150 000 – one of the largest fines imposed on a broker for insurance fraud.
Government responds to Water Bill draft
The government has issued a response to the Environment, Food and Rural Affairs Committee’s pre-legislative scrutiny of the draft Water Bill.
Unrated insurer problems force SRA to reinvestigate stance on financial stability vetting
The Solicitors Regulation Authority is to re-investigate if it should introduce financial eligibility criteria following recent problems with unrated insurers including Quinn, Lemma and more recently Balva.
Property industry supports ‘long-awaited’ universal flood solution
The British Property Federation has welcomed the universal flood cover that the confirmation of a flood agreement between the insurance industry and government will bring.
Government to extend regulatory powers over insurers and seek EC approval for Flood Re
The government is seeking new legal powers enabling it to force insurers to cover "their share" of policyholders living in high flood risk areas.
Flood Re wins out as government and insurers reach long-term agreement
The government and insurance industry have reached a long-awaited agreement over the future of insurance for properties at risk of flooding when the Statement of Principles expires at the end of July.
Some mobile phone insurance policies are poor and unclear says FCA
The Financial Conduct Authority has published a review into mobile insurance which found evidence or poor product design, unclear terms and inadequate claims and complaints handling.
Post magazine - 27 June 2013
The latest issue of Post magazine is now available to subscribers as a digital and interactive e-book.
Insurers urged to develop telematics as young driver green paper delayed
Insurers frustrated as Department for Transport announces hold-up.
Tax-avoidance crackdown could see PI insurers hit with third-party claims
HMRC tax workaround enquiries focusing on individuals as well as corporations.
View from the Top: Three’s the magic number for FCA
Principles, accountability and proportionality are the essential elements for effective industry regulation, says Peter Hubbard, Group chief executive, UK General Insurance.
ABI hits back at Law Society over PI campaign
The Association of British Insurers has criticised the Law Society’s advertising campaign for personal injury, which features the strapline “Don’t get mugged by an insurer – use a solicitor.”
Ferma elects four to board
The Federation of European Risk Management Associations has named four board members at its general assembly.